Uses Of A PAN Card
A permanent account number (PAN) card is very important more so to people who file income tax returns or who engage themselves in large financial transactions. This card is used for a number of purposes; in the tax system and for investment purposes. Having this PAN card allows you to enjoy a number of benefits as it enhances your creditability in the eyes of financial institutions making it easy for you to qualify for numerous types of loans.
The card is normally used in the income tax department to help them track their financial dealings of a certain period thus enabling them to calculate and fix rate at which businesses are taxed. It also helps them calculate the amount of taxable income within the businesses. This helps avoid a case where one is taxed less or more than expected.
This card may also be used to serve the same purpose as the national ID card. It normally has a photograph, the name and the address of the individual holding it. For this reason, it is very important as it can be helpful where you need to provide you ID and you do not have it at that moment. You can produce this card instead as it is a nationally accepted proof of identity.
The card is used by the tax authority to help them calculate your income tax. This means that the card generally determines your tax rate thus its absence may lead to increased tax rate that would make you pay higher tax than you are actually required to pay. Holding a card would help you avoid such a case thus enabling you to pay the right amount of tax you should pay.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
This card also enables one to get into a number of financial transactions from which you can open demat account. This allows you to sell, buy or share property and other assets. Whenever you are carrying out transactions that involve purchases or sales of immovable assets, you would be needed to quote the number of pan card for reference thus this card is very important.
This card ensures that there are no fraudulent transactions you are likely to engage yourself in. This is because the way in which you transact with this card is usually transparent thus avoiding cases of one losing his or her assets or money. Thus, having this card is essential especially to people who engage in transaction with a lot of money.
The pan card is also used to open bank accounts and to carry out transactions relating large amount of money. For instance, if you were depositing money that exceeds the quoted amount, you would need this card. The card is also vital whenever you are transferring funds to different accounts within either the same bank or different banks.
The card is normally used in the income tax department to help them track their financial dealings of a certain period thus enabling them to calculate and fix rate at which businesses are taxed. It also helps them calculate the amount of taxable income within the businesses. This helps avoid a case where one is taxed less or more than expected.
This card may also be used to serve the same purpose as the national ID card. It normally has a photograph, the name and the address of the individual holding it. For this reason, it is very important as it can be helpful where you need to provide you ID and you do not have it at that moment. You can produce this card instead as it is a nationally accepted proof of identity.
The card is used by the tax authority to help them calculate your income tax. This means that the card generally determines your tax rate thus its absence may lead to increased tax rate that would make you pay higher tax than you are actually required to pay. Holding a card would help you avoid such a case thus enabling you to pay the right amount of tax you should pay.
Even if your card is lost or stolen, you are still recognized with the taxation authority. This is because the number remains the same even though the names and address of your card may change. Thus, this ensures that there are no chances of misusing this card.
This card also enables one to get into a number of financial transactions from which you can open demat account. This allows you to sell, buy or share property and other assets. Whenever you are carrying out transactions that involve purchases or sales of immovable assets, you would be needed to quote the number of pan card for reference thus this card is very important.
This card ensures that there are no fraudulent transactions you are likely to engage yourself in. This is because the way in which you transact with this card is usually transparent thus avoiding cases of one losing his or her assets or money. Thus, having this card is essential especially to people who engage in transaction with a lot of money.
The pan card is also used to open bank accounts and to carry out transactions relating large amount of money. For instance, if you were depositing money that exceeds the quoted amount, you would need this card. The card is also vital whenever you are transferring funds to different accounts within either the same bank or different banks.
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Learn more about pan status stop by Ashis Jain's site where you can find out all about PAN car details.
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